Thursday, February 19, 2009

City tries retraining financial workers

Under a program unveiled on Wednesday by Mayor Michael R. Bloomberg, the city wants to invest $45 million in government money to retrain investment bankers, traders and others who have lost jobs on Wall Street, as well as provide seed capital and office space for new businesses those laid-off bankers might create.

The plan is intended to stem a potential exodus of banking professionals from the city during the restructuring of the financial services industry, which has been the city’s economic engine for decades, and to speed the industry’s recovery, which will take at least several years, officials said.

City officials also plan to try to lure big banks and financial companies from Asia and elsewhere to set up operations in New York, filling some of the void created by the implosion of large American firms like Lehman Brothers and Bear Stearns. They hope the federal and state governments will let them use $30 million in federal money to attract those companies and other financial firms to Lower Manhattan.

20 comments:

Anonymous
said...

Correct me if I am wrong, but wouldnt investment bankers be kinda low on the list of people who cant afford continued education? Thanks Bloomturd for handing NYers another nail for you political grave.

His mega failures are becoming epic. He was hopin to weasel his way to become Prez - FAIL. He was hopin to be selected as a VP - FAIL. He was hopin for a Cabinet position - FAIL. He [still is] hopin for a party to run on to keep him as Mayor - NOT LOOKIN GOOD (unless you count the Workers Socialist Family Democratic Republican Party). His pet development projects are failing. Watch him wither in disgrace.

...the financial services industry, which has been the city’s economic engine for decades.

Yes of course which explains the continual corruption since Wall Streets inception of public money theft and worker exploitation. A subsidy to already large corporate giants to come or stay in Manhattan? Just genius again there bloomterd. What would we do without your wisdom to mold the city? Now the truth of hedge fund brokers along with most fortune 500 managers shines through.

This is enough to hire about 800 more teachers and 650 extra cops, according to the Independent Budget Office. Yet Mayor Bloomberg, accustomed to checks this big, was unable to arrange a press conference.

I realize all of your points on it seeming like a gross mismanagement of public good directed at those who may not necessarily need it— I agree it seems a little off base.

However, what is the alternative to speeding the recovery of one of the largest tax bases for the city and state within the oncoming years? Surely when the city will be getting shafted by the state on a heavier basis with tightening belts?

He may be a greedy pol but I do think there is some backing to this policy that would benefit the city in years future as far as a revenue base to work with.

Not everyone who lost their job on wall street are "evil" people. There are many educated, talented people who went simply went down with the crash, whom the city should try to keep from fleeing. Intellectual capital is key to surviving an economic downturn.

From what I understand and I could be wrong, but there are stipulations that go along with the stimulas, has to be spent on infastructure, education, so Bloomy has to find a way to fund himself and i guess what he wants to do falls under education. The man is just pure evil.

If things are so tough all over, let Bloomberg kick in his own cash to help float the city. Would help the problem and would help convince those of us disbelievers that he is really committed to the city and not just using it for further political gain.

Spotted a piece of Queens Crap in your community?

Please note

Italicized passages and many of the photos come from other websites. The links to these websites are provided within the posts.

Why your neighborhood is full of Queens Crap

"The difference between dishonest and honest graft: for dishonest graft one worked solely for one's own interests, while for honest graft one pursued the interests of one's party, one's state, and one's personal interests all together." - George Washington Plunkitt

Sites that kick ass:

The above organizations are recognized by Queens Crap as being beneficial to the city as a whole, by fighting to preserve the history and character of our neighborhoods. They are not connected to this website and the opinions presented here do not necessarily represent the positions of these organizations.

The comments left by posters to this site do not necessarily represent the views of the blogger or webmaster.